JP Associates; a few triggers need to be identified - the IPO of JP Power being the first one. One doesn't know when it would happen now with the kind of beating that the power stocks have taken, but it's a trigger nevertheless. Its acquisition of land almost 165 to 170 kilometers for Taj Expressway is something that can be looked out for. The visibility of development in the Taj Expressway project is something, which has also been talked about and contributes almost 40% with the sum-of-part valuation.
A couple of things which have a long-term benefit in mind FI circuit which is something that it may not contribute directly to the revenues but the kind of development that may happen around the track is something that is being looked out for and newly one project in the power, hydropower project, 720 MW hydropower project in Meghalaya. So all of these are key triggers.
Stocks like JP Associates and GMR cannot be strictly valued at a PE basis. They need to be valued on a SOTP (sum-of-the-part) or a DCF (discounted cash flow) model and on that front, the stocks at current prices looks reasonably attractive.
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